The Home Selling Process
We will explain, in detail, the specific obligations and responsibilities which we have to you. We will also explain your role in the marketing process and your rights and responsibilities in relation to buyers.
- Price Determination: The listing price is arrived at after completing a thorough and comprehensive Comparative Market Analysis (CMA) of homes in your area which have sold and those presently on the market. Local market and financing conditions, along with your objectives and motivation will determine the best possible price at which to market your property.
- Preparing Your Home:Many agents, fearing to offend you, will merely price your property "as is". We provide honest and informed counseling as to what sprucing up will return the greatest yield to you. We assist you in effectively staging your home:
- attention to the exterior and interior appearance of your home generally reduces market time
- proper staging increases final sales price
- Marketing Your Home: We maintain one of the most extensive advertising programs in the area. Our records show that people rarely buy what they saw advertised. Rather, they buy a property similar to what was advertised. The important function of advertising individual houses is to stimulate buyer interest in homes and thus to make a market for your home.
We will cover the specifics of our comprehensive marketing plan at our next meeting.
- The Objectives:You are represented throughout the listing and selling process with your objectives in mind:
- Obtain the highest value possible.
- Complete the process in a reasonable amount of time.
- Accomplish the sale with the least amount of inconvenience to you.
- Consistent Communications: You will receive regular communication on marketing progress.
- Buyer Qualification:We pre-qualify prospects to determine ability, readiness and willingness to buy:
- Pre-qualification allows prospective buyers to take action quickly.
- Screening allows us to focus attention and energy on matching buyers and sellers
- Purchase & Sale Agreement: Once the Purchase & Sale Agreement (PSA) is completed, the earnest money will be deposited into a brokerage trust account and we will deliver a copy of the PSA to the closing agent.
- Escrow: The escrow closer is a neutral third party who holds and disburses the parties' funds, prepares an accounting of the transaction, prepares certain documents to effect the transfer under written instructions; all in accordance with the PSA. We will be in close contact with the closing agent to make sure your transaction is on track for a timely closing.
- Title Insurance: As the seller, you will provide an owner's title insurance policy to the buyer. The buyer will provide a lender's title policy to the lender. The title company will search the records of the County Auditor and the County Assessor and other government agencies to locate any documents that might affect title to the subject property (e.g., bankruptcies, judgments, encumbrances, etc.). A preliminary commitment or report is them issued revealing all matters of public record affecting the subject property and involved parties. We will check this commitment for any red flags that will slow down your closing.
- Financing and Processions: We will stay in close contact with your buyer's agent and lender to make sure all the steps in the financing process and being taken care of in a timely manner including the appraisal on your home. Once all the financing ducks are in a row, the loan documents will go out to the closing agent.
- Signing: Once the closing agent receives the loan documents, he or she will prepare all of the closing document including the closing statement. We will review the closing statement prior to your signing appointment to make sure the numbers are as we expected. The closer will then schedule an appointment with you to come in and sign all the necessary documents to transfer title from you to your buyer and make arrangements to get your sale proceeds to you.
- Lender Review: After all the documents are signed, the closer returns the documents to the buyer's lender for final review. Assuming the documents are all correct, the lender will wire the funds to the closing agent.
- Closing:Upon approval of the lender, the deed and deed of trust (buyer's mortgage) are delivered to the title company for recording with the County Auditor. Verification of the recording is given to the escrow closer who then "closes" the transaction.
- Confirms receipt of lender's funds into the escrow account.
- Disbursed all funds according to the parties' instructions (e.g., pays off underlying debts of the seller, pays real estate commissions, pays seller net proceeds of the sale).
- Verbally notifies seller, buyer, and the agents that the transaction is closed.
- Possession: We will negotiate at the time of the buyer's offer a possession date and time that will work for you. Typically this will be at 5:00 pm the date of closing as defined above.